Sasha Singh
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USDCAD : Seems Supported, Might Break Above the Key Resistance at 1.0958

USDCAD : 4 Hour Chart

USDCAD today broke out from the falling channel trend and currently seems like facing resistance from the 50 day SMA. The pair is now declining from the resistance at 1.091.16 which earlier also resisted the pair is moving above it. However it may also find support from 1.0889 and continue to rise. Also seems like the pair is experiencing support from a rising support trend line which will provide support to the pair if it declines and might help it in breaking above the resistance at 1.0916.

USDCAD : Daily Chart

On the daily chart, the pair found support from the support trend line and rose. The pair seems bullish and might rise above the resistance at 1.0958. On the stochastic oscillator also the %k line crossed below the %D line and is above 20 signaling an upward continuation. Breaking above the key resistance at 1.0958 will confirm the bullish trend on the pair.